Last checked at 5 Mar 2010 07:00
5 MARCH 2010
IMAGE SCAN HOLDINGS PLC
("Image Scan" or "the Company")
Granting of Share Options
Image Scan Holdings PLC (AIM: IGE) announces that on 1st March 2010 the Company issued a total of 1,590,000 options over ordinary shares in the Company to its directors and staff.
580,000 of these options were issued to the Company's non-executive directors under the "Image Scan Unapproved Plan", and a further 1,010,000 options were issued to executive directors and staff under the "Image Scan Enterprise Management Incentives Share Option Plan". The terms of the grant under both schemes require that the share options are not exercised before 1st March 2013 and expire after 28th February 2020. The exercise price of 4 pence is at a premium of almost 80% to the prevailing market price at date of grant of 2.25 pence.
The directors who have been awarded new options and their holdings of existing options in the Company are as follows:
| Director | No. of Options Granted | Existing Options¹ | Existing Shares |
| Non-Executive |
|
|
|
| Brian Emslie | 500,000 | Nil | 300,000 |
| Ian Johnson | 80,000 | 330,000 | 142,857 |
| Executive |
|
|
|
| Louise George | 150,000 | 940,000 | 148,000 |
| Nicholas Fox | 150,000 | 930,000 | 2,531,788 |
The new share options were issued as part of the annual remuneration review in recognition that no pay increases would be awarded in the current financial year and that the price at which all other options over shares in the Company were exercisable was so far in excess of the Company's share price as to provide no tangible incentive. Another key factor was to recognise the contribution being made by the Chairman and to incentivise the two sales executives none of whom were holding any share options in the Company. As a result 1 million of the options being granted were awarded to these individuals.
Chairman Brian Emslie commented: "Given the current pay freeze, it was important to continue to incentivise our staff and Board members. In awarding these options, the whole team will be motivated over the next three years to securing a successful future for the business."
---ends---
Notes
¹ Existing directors' options are detailed below:
| Director | Image Scan Share Option Scheme | No. Options | Exercise Price | Date of Grant | Expiry Date |
| I S S Johnson | Unapproved | 80,000 | 15p | 31/07/2005 | 31/07/2010 |
|
|
| 250,000 | 10p | 28/01/2008 | 30/11/2017 |
| L J George | Enterprise Management Incentive | 10,000 | 51.5p | 14/03/2003 | 14/03/2013 |
|
|
| 80,000 | 15p | 30/09/2005 | 30/09/2015 |
|
|
| 100,000 | 18.25p | 02/10/2006 | 02/10/2016 |
|
|
| 750,000 | 15p | 28/01/2008 | 30/11/2017 |
| N D Fox | Enterprise Management Incentive | 80,000 | 15p | 30/09/2005 | 30/09/2015 |
|
|
| 100,000 | 18.25p | 02/10/2006 | 02/10/2016 |
|
|
| 750,000 | 15p | 28/01/2008 | 30/11/2017 |
For further information, please contact:
Image Scan Holdings plc Tel: +44 (0) 1509 817400
Brian Emslie, Chairman
Louise George, Chief Executive
info@ish.co.uk
Seymour Pierce Tel: +44 (0) 207 107 8000
John Cowie
About Image Scan Holdings plc
Image Scan Holdings plc (AIM: IGE) is focused on the development and commercialisation of advanced real-time 3D and 2D x-ray systems for use in the security and industrial inspection markets. The Company's security portfolio includes the Axis-3d® and Axis-2d baggage inspection systems, FlatScan-TPXi, a portable bomb and suspect package detection system; and SVXi, a small vehicle inspection system. The industrial inspection solutions include the MDXi and the DEX systems providing quality control as part of the production line or as an off-line batch-based system.
For further information on the Company, please visit: www.ish.co.uk - and for further information on its products, please visit: www.3dx-ray.com